Business

NIGERIA: FBN Holdings Shareholders Get N33bn Dividends

Shareholders of FBN Holdings Plc last week approved the N32.6 billion dividends recommended for the year ended December 31, 2012 and commended the board for the dividend, which came in the first year after the company adopted a holding structure.

The dividends, which translate to 100 kobo per share, represent 25 per cent increase over the 80 kobo paid the previous year.  The shareholders expressed satisfaction over the payment of the 100 kobo and urged the bank to sustain the tempo of performance.

Speaking at  the Annual General Meeting (AGM) held in Lagos, the Chief Executive Officer of FBN Holdings, Bello Maccido, disclosed that  the company recorded a  profit before tax of N92.7 billion, showing an increase of  158.5 per cent above the N35.8 billion in 2011.

Profit after tax, he said, increased by 306 per cent to N75.7 billion, from N18.6 billion in 2011.

He assured stakeholders that FBN Holdings Plc would focus on the development of key initiatives to further boost its performance in the coming year.

According to him, the company would concentrate on its expertise in information technology to build its profitability, adding that the company would leverage its knowledge of the Nigerian market to drive its expansion strategies.

“Given the current economic and financial path in Nigeria, our commercial banking business group will continue to make the development of e-business initiatives a major focus this year.  The increase in teledensity in Nigeria, as well as the full implementation of the Central Bank of Nigeria’s national financial inclusion strategy, will create significant opportunities for alternative banking channels and enhance banking activities,” he said.

He noted that the mobile money franchise, Firstmonie of the bank will be extensively driven and employed as an agent in the effort to reduce financial exclusion in Nigeria, and outside Nigeria.

“Our international commercial banking subsidiaries will concentrate in capturing the available opportunities to provide trade finance across their jurisdictions,” he said.

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